Asian markets fell on Friday as a weak set of Japanese economic figures sent Tokyo diving, while dealers looked ahead to a speech by Federal Reserve chief Ben Bernanke later in the day.
Tokyo slipped 1.60 percent, or 143.87 points, to 8,839.91, Seoul edged down 0.07 percent, or 1.26 points, to 1,905.12, and Sydney nudged up 0.4 points to 4,316.1. Hong Kong shed 0.36 percent, or 70.34 points, to close at 19,482.57 and Shanghai lost 0.25 percent, or 5.07 points, to 2,047.52.
There was fresh evidence that global headwinds were dragging on the Japanese recovery, with data showing factory output unexpectedly fell 1.2 percent in July, while the strong yen also hurt exporters.
"It was originally assumed that the weakness in April-May would be temporary and followed by a rebound in summer. But such a scenario clearly fell through," said Tatsushi Shikano, senior economist at Mitsubishi UFJ Morgan Stanley Securities.
Adding to woes in the key European market and uncertainty in the United States are growing fears about a slowdown in Asia, with shipments to China, South Korea and Singapore among those seeing big falls.
Other figures Friday showed Japanese consumer prices down 0.3 percent on-year in July, the third consecutive monthly fall, while unemployment was flat at 4.3 percent. Earlier this month data revealed a much worse-than-expected trade deficit in July of 517.4 billion yen ($6.5 billion).
Attention is mostly focused on Jackson Hole, Wyoming, where Bernanke will address central bankers later in the day, with investors hoping he will announce plans for a new round of stimulus to kick-start the world's biggest economy.
But a slew of data in recent days suggesting a slow and steady US recovery -- including rebounding consumer spending -- has been interpreted as a sign he will hold off on further stimulus. The Dow fell 0.81 percent, the S&P 500 slid 0.78 percent and the Nasdaq 1.05 percent.
Also weighing on sentiment was a sharp drop in eurozone business and consumer confidence and a fifth straight monthly rise in German unemployment.
Also in Europe, France and Spain called for decisive action to curb crippling borrowing rates that are threatening Madrid and pushing it towards seeking a full bailout.
French President Francois Hollande, who is in Spain to meet Prime Minister Mariano Rajoy, prodded European Central Bank chief Mario Draghi to act, as the central bank works on plans to restart a bond-buying scheme aimed at helping under-pressure economies.
The ECB is expected to give more details on the mechanism for any intervention by September 6. In Seoul electronics giant Samsung rose 1.48 percent after a Japanese court ruled that it had not stolen technologies from Apple, dealing a blow to the iPhone maker a week after it won a $1 billion case in the United States.
On currency markets in early European trade, the euro bought $1.2581 and 98.85 yen, compared with $1.2504 and 98.26 yen in New York late Thursday.
The dollar was trading at 78.56 yen against 78.59 yen. Oil was higher, with New York's main contract, light sweet crude for delivery in October gaining 39 cents to $95.01 a barrel in the late afternoon and Brent North Sea crude for October adding 52 cents to $113.17.
Gold was at $1,658.80 at 1100 GMT compared with $1,655.30 on Thursday. In other markets: -- Taipei rose 0.35 percent, or 25.62 points, to 7,397.06.
Smartphone maker HTC rose 1.78 percent to Tw$258.0 while Taiwan Semiconductor Manufacturing Company was 0.73 percent higher at Tw$83.3. -- Manila closed 0.91 percent higher, adding 46.88 points to 5,196.19.
Alliance Global Group rose 0.34 percent to 11.78 pesos and Metropolitan Bank and Trust Co. fell 2.62 percent to 91.05 pesos. -- Wellington rose 1.02 percent, or 37.12 points, to 3,666.68.
Air New Zealand gained 7.39 percent to NZ$1.09 and Telecom gained 2.07 percent to NZ$2.46. -- Singapore closed up 0.45 percent, or 13.64 points, to 3,025.46.
Singapore Telecommunications gained 1.80 percent to Sg$3.39 while United Overseas Bank fell 0.47 percent to Sg$19.09. -- Jakarta closed 0.9 percent, or 34.75 points, higher, at 4060.33.
Bank Mandiri was up 4.7 percent to 7,800 rupiah, Unilever gained 0.9 percent to 27,100 rupiah and coal company Bumi was 11 percent higher at 700 rupiah. -- Bangkok rose 1.06 percent, or 12.93 points, to 1,227.48. -- Mumbai ended 0.92 percent, or 160.89 points, down at 17,380.75.
India's largest private aluminium producer Hindalco fell 2.21 percent to 103.75 rupees while the world's largest coal mining firm Coal India slid 2.15 percent to 352.75. -- Kuala Lumpur was closed for a public holiday.
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Tokyo slipped 1.60 percent, or 143.87 points, to 8,839.91, Seoul edged down 0.07 percent, or 1.26 points, to 1,905.12, and Sydney nudged up 0.4 points to 4,316.1. Hong Kong shed 0.36 percent, or 70.34 points, to close at 19,482.57 and Shanghai lost 0.25 percent, or 5.07 points, to 2,047.52.
There was fresh evidence that global headwinds were dragging on the Japanese recovery, with data showing factory output unexpectedly fell 1.2 percent in July, while the strong yen also hurt exporters.
"It was originally assumed that the weakness in April-May would be temporary and followed by a rebound in summer. But such a scenario clearly fell through," said Tatsushi Shikano, senior economist at Mitsubishi UFJ Morgan Stanley Securities.
Adding to woes in the key European market and uncertainty in the United States are growing fears about a slowdown in Asia, with shipments to China, South Korea and Singapore among those seeing big falls.
Other figures Friday showed Japanese consumer prices down 0.3 percent on-year in July, the third consecutive monthly fall, while unemployment was flat at 4.3 percent. Earlier this month data revealed a much worse-than-expected trade deficit in July of 517.4 billion yen ($6.5 billion).
Attention is mostly focused on Jackson Hole, Wyoming, where Bernanke will address central bankers later in the day, with investors hoping he will announce plans for a new round of stimulus to kick-start the world's biggest economy.
But a slew of data in recent days suggesting a slow and steady US recovery -- including rebounding consumer spending -- has been interpreted as a sign he will hold off on further stimulus. The Dow fell 0.81 percent, the S&P 500 slid 0.78 percent and the Nasdaq 1.05 percent.
Also weighing on sentiment was a sharp drop in eurozone business and consumer confidence and a fifth straight monthly rise in German unemployment.
Also in Europe, France and Spain called for decisive action to curb crippling borrowing rates that are threatening Madrid and pushing it towards seeking a full bailout.
French President Francois Hollande, who is in Spain to meet Prime Minister Mariano Rajoy, prodded European Central Bank chief Mario Draghi to act, as the central bank works on plans to restart a bond-buying scheme aimed at helping under-pressure economies.
The ECB is expected to give more details on the mechanism for any intervention by September 6. In Seoul electronics giant Samsung rose 1.48 percent after a Japanese court ruled that it had not stolen technologies from Apple, dealing a blow to the iPhone maker a week after it won a $1 billion case in the United States.
On currency markets in early European trade, the euro bought $1.2581 and 98.85 yen, compared with $1.2504 and 98.26 yen in New York late Thursday.
The dollar was trading at 78.56 yen against 78.59 yen. Oil was higher, with New York's main contract, light sweet crude for delivery in October gaining 39 cents to $95.01 a barrel in the late afternoon and Brent North Sea crude for October adding 52 cents to $113.17.
Gold was at $1,658.80 at 1100 GMT compared with $1,655.30 on Thursday. In other markets: -- Taipei rose 0.35 percent, or 25.62 points, to 7,397.06.
Smartphone maker HTC rose 1.78 percent to Tw$258.0 while Taiwan Semiconductor Manufacturing Company was 0.73 percent higher at Tw$83.3. -- Manila closed 0.91 percent higher, adding 46.88 points to 5,196.19.
Alliance Global Group rose 0.34 percent to 11.78 pesos and Metropolitan Bank and Trust Co. fell 2.62 percent to 91.05 pesos. -- Wellington rose 1.02 percent, or 37.12 points, to 3,666.68.
Air New Zealand gained 7.39 percent to NZ$1.09 and Telecom gained 2.07 percent to NZ$2.46. -- Singapore closed up 0.45 percent, or 13.64 points, to 3,025.46.
Singapore Telecommunications gained 1.80 percent to Sg$3.39 while United Overseas Bank fell 0.47 percent to Sg$19.09. -- Jakarta closed 0.9 percent, or 34.75 points, higher, at 4060.33.
Bank Mandiri was up 4.7 percent to 7,800 rupiah, Unilever gained 0.9 percent to 27,100 rupiah and coal company Bumi was 11 percent higher at 700 rupiah. -- Bangkok rose 1.06 percent, or 12.93 points, to 1,227.48. -- Mumbai ended 0.92 percent, or 160.89 points, down at 17,380.75.
India's largest private aluminium producer Hindalco fell 2.21 percent to 103.75 rupees while the world's largest coal mining firm Coal India slid 2.15 percent to 352.75. -- Kuala Lumpur was closed for a public holiday.
yahoo.com
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